LatAmOil - Latin America Oil & Gas

Venezuela and Russia deepen ties amid Western criticism

Venezuela reaffirmed its strategic partnership with Russia, highlighting shared commitments to commercial cooperation and diplomatic collaboration as the two nations prepare to mark 80 years of bilateral relations.

Trump's return to White House draws polarised Latin American response

Latin America has split over Donald Trump's White House return, with a handful of leaders rushing to embrace the new president while others eye his protectionist agenda with alarm.

Guyana's offshore discoveries rise to 52 amid constant industrial expansion

Guyana's offshore oil sector continues to expand rapidly, with total discoveries reaching 52 across its maritime blocks.

Guyanese economy skyrockets by 43.6% in 2024

Guyana's economy surged 43.6% in 2024, marking its fifth consecutive year of double-digit growth, driven primarily by expanding oil output and exports.

Predator Oil & Gas acquires Trinidad's T-Rex Resources

Predator Oil & Gas Holdings has announced the acquisition of a 51% stake in CRL through its Trinidad subsidiary, T-Rex Resources, for $170,000.

Argentina's YPF seals memorandum of understanding with Indian firms for LNG exports

Argentina's national oil company YPF has signed a memorandum of understanding with three Indian firms that could lead to LNG exports of up to 10mn tonnes per year.

Argentina's YPF secures funding to expand Vaca Muerta operations

YPF CEO Horacio Marín has secured fresh financing to expand the company's investments in Vaca Muerta, successfully placing a $1.1bn Negotiable Obligation in international markets while buying back $750mn in debt maturing this year.

UK’s Tracerco bags Brazil subsea contract from TechnipFMC

UK-based Tracerco has secured a contract from TechnipFMC to provide measurement technology for Brazil’s national oil company (NOC) Petrobras's Mero 3 subsea separation project offshore Brazil.

Trump's oil push could hit Brazil's trade balance

Increased US oil production under Donald Trump's promised "energy emergency" could pressure global prices and affect Brazil's trade balance, analysts say, marking a sharp reversal of predecessor Joe Biden's climate policies.

TGS opens advanced imaging centres for Brazil offshore work

Energy data firm TGS has launched advanced imaging centres in Rio de Janeiro to enhance Brazil’s national oil company (NOC) Petrobras' Ocean Bottom Node (OBN) and 4D seismic capabilities in the Campos and Santos basins.

Brazil’s Petrobras posts record gasoline and diesel output in 2024

Brazil’s national oil company (NOC) Petrobras achieved record gasoline and diesel production in 2024, with total gasoline output reaching 24.4bn litres, surpassing its 2014 peak of 24.2bn litres, amid strong domestic demand.

Chevron’s Venezuelan oil deal raises questions along with Maduro’s controversial third term

Nicolás Maduro began a third six-year term this month. Meanwhile, the Chevron deal remains intact, continuing to funnel revenues into state coffers under the guise of supporting democratic restoration

Trump team targets Chevron licence as key to ending Maduro regime in Venezuela

The incoming administration of US President-elect Donald Trump is reportedly crafting a strategy to dismantle over two decades of Chavista rule in Venezuela, potentially starting with the termination of Chevron’s operating licence in the country

Venezuela targets 1.5mn barrels of oil production boost despite sanctions

Nicolás Maduro, newly sworn in for his third term as Venezuela’s president, has set an ambitious target for the country’s oil production, aiming for 1.5mn barrels per day (bpd) through “our own efforts.”

Trump says the United States does not need Venezuelan oil

US President Donald Trump expressed keen interest in Venezuela following Nicolás Maduro’s recent swearing-in for a third term, marking a shift in US foreign policy towards the country

Trump says the United States does not need Venezuelan oil

Trump indicated that the US could halt oil purchases from Venezuela as part of efforts to weaken Maduro’s regime, declaring, “We don’t need it.”

Trump says United States does not need Venezuelan oil

Trump indicated that the US could halt oil purchases from Venezuela as part of efforts to weaken Maduro’s regime, declaring: “We don’t need it.”

Colombia's energy shift includes LNG imports

Colombia’s ambitious transition to cleaner energy sources is taking shape on its Caribbean coast, where liquefied natural gas imports have become essential as domestic natgas reserves wane.

GeoPark gets B+ rating from Fitch for new bond issue

Oil and gas explorer GeoPark Ltd received a 'B+' rating from Fitch Ratings for its proposed benchmark-sized unsecured bonds.

China's BOMESC to construct topside modules for Suriname FPSO

China's BOMESC Offshore Engineering has secured a contract to construct topside modules for Suriname's first FPSO vessel. The deal is worth between $102mn to $137mn.

Argentina's Neuquén Province to impose new stringent fines for oil and gas regulatory breaches

The Neuquén provincial government has announced a substantial increase in penalties for hydrocarbon companies violating industry regulations, with fines now ranging from $3,060 to over $956,344.87.

Guyana's booming oil sector contributes 37% of government's 2025 budget

Guyana's booming oil sector will contribute $2.46bn to the country's 2025 national budget, accounting for an unprecedented 37% of total spending, Senior Minister of Finance Dr Ashni Singh announced.

Trump announces 25% tariffs on Mexico and Canada from February 1

US President Trump has announced plans to impose 25 per cent tariffs on Mexico and Canada from February 1, citing concerns over immigration and fentanyl flows into the United States, while also taking steps to rename the Gulf of Mexico.

Norway's Interoil reports strong production in Colombia and Argentina

Interoil has disclosed production results for November and December 2024 from its assets in Colombia and Argentina, highlighting operational adjustments and performance variations.

Trump declares US intention to 'take back' Panama Canal

Oil overtakes soybeans as Brazil's top export in 2024

Oil became Brazil's leading export in 2024, surpassing soybeans, with crude and mineral oil exports totalling $44.8bn.

Chevron's $300mn Venezuela tax bill raises questions as Rubio vows to axe licence

Marco Rubio, Donald Trump's nominee for secretary of state, has called for a reassessment of Chevron's sanctions waiver in Venezuela, as fresh concerns emerge over the oil major's tax payments to Caracas.

Venezuela's oil output rises 17% but falls short of recovery target

Venezuela's crude oil production averaged 921,000 barrels per day in 2024, marking a 17.6 per cent increase from 2023 levels but falling short of the government's target to exceed 1m bpd, according to OPEC data released last week.

Argentina's Neuquén province forecasts 5% rise in economic growth driven by oil and gas

Neuquén province is projecting 5% economic growth in 2024, driven primarily by hydrocarbon investments and infrastructure development, according to Economy Minister Guillermo Koenig.

Guyana oil revenue skyrockets in 2024 to $2.57bn

Guyana's oil revenues surged to $2.57bn in 2024, representing a 59% increase from the $1.62bn received in 2023.

CB&I wins oil export contract for Argentina's Vaca Muerta

CB&I has won a comprehensive engineering, procurement, fabrication and construction contract for new storage facilities at the Vaca Muerta crude oil exportation facility in Argentina's Rio Negro province.

ExxonMobil begins relinquishing share of Guyana's Stabroek Block

Guyana's ExxonMobil has begun the process of relinquishing 20% of its 6.6mn-acre Stabroek Block despite missing the October 2024 deadline.

Chile seeks new natural gas supply deal with Argentina

Chile is set to forge a new natural gas supply agreement with Argentina, potentially delivering up to 2.5mn cubic metres per day during the winter and spring months through September 2025.

Venezuela accuses Guyana of environmental harm and resource theft in disputed Essequibo territory

Brazil’s Petrobras’ biomethane plan faces price debate

Petrobras has issued a public call for biomethane purchases, aligning with the Fuel of the Future Law, which mandates the inclusion of biomethane in natural gas from January 2026.

Stella Drilling withdraws drillship from Guyana

Aberdeen-based Stena Drilling reduced its drilling presence in Guyana's offshore waters with the departure of its ultra-deepwater drillship Stena DrillMax, according to Guyana's Maritime Administration Department.

Brazil's BNDES backs ethanol producer CMAA’s expansion with $79mn

Brazil's national development bank BNDES has approved BRL480mn ($79mn) in financing for sugar and ethanol producer CMAA to boost biofuel production in Minas Gerais state.

Colombia's green gamble: LNG imports surge amid Petro’s climate push

The Andean country is witnessing a shift in its energy landscape as declining gas reserves coincide with President Gustavo Petro’s refusal to issue new drilling contracts.

GeoPark abandons $530mn deal for Repsol’s Colombian oil and gas assets

GeoPark has withdrawn from its proposed $530mn acquisition of Repsol’s oil and gas operations in Colombia. The deal, originally announced in November 2024, included Repsol’s 45% stake in Block CPO-9 and a 25% interest in SierraCol Energia Arauca.

Colombia's Ecopetrol, JPMorgan to halve ADR conversion costs

Colombia’s state-controlled oil company Ecopetrol announced on January 15 that it has reached an agreement with JPMorgan Chase Bank N.A. to temporarily lower conversion costs for its American Depositary Receipts (ADRs) by 50%.

Venezuelan President Maduro reshuffles PDVSA leadership

Venezuelan President Nicolás Maduro has implemented significant leadership changes at state-run oil giant PDVSA, appointing Jovanny Martinez as executive vice president and Marco Magallanes as head of the Venezuelan Petroleum Corporation (CVP)